The U.K. has fallen out of favor as an emigration destination for China's wealthy, according to a new report which pips Canada in front.
The U.S. remains the preferred destination for Chinese millionaires considering a move overseas, but for the first time Britain has fallen behind Canada, the 2017 study by China's Hurun Research and Visa Consulting Group has found.
The report gave no reason for the U.K.'s demise, but a weaker sterling appears to have done little to entice China's wealthy to relocate to the Britain while it transitions through Brexit negotiations and continues to tighten the tax landscape for overseas investors.
Concerns over the falling value of the Chinese yuan are, however, a driving factor in Chinese millionaires' decision to relocate, the report suggests.
More than four-fifths (84 percent) of recent or would-be wealthy Chinese immigrants now say the devaluation of the yuan is their key motivation for relocating away from China – up 50 percent from last year and well ahead of concerns over pollution and healthcare.
The Chinese yuan has seen a gradual devaluation over recent years, prompting accusations of currency manipulation from President Donald Trump.